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Conn. mortgage program helps fewer than expected
Posted on 11/13/2008
HARTFORD (AP) -- Connecticut officials say a program created last year to refinance subprime mortgages for financially troubled homeowners is not helping as many people as expected. The Connecticut Fair Alternative Mortgage Lending Initiative and Education Services, known as CT FAMLIES, will help 190 homeowners in its first year. State officials say that's a third fewer people than intended. Gov. M. Jodi Rell says the $50 million program has received 15,000 calls to date. She says the program has so far either approved or closed refinancing on $12 million in loans for 60 homeowners. Another 130 applications for nearly $27 million in loans are being processed. The 190 loans amount to just 3.3 percent of the nearly 5,700 potentially delinquent subprime loans in Connecticut.
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